[Table_IndustryInfo] 2024 年 09 月 18 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（9.9-9.13） 购车补贴政策加码，L2 主导自动驾驶辅助方案 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------| | | ...

[Table_IndustryInfo] 2024 年 09 月 18 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（9.9-9.13） 购车补贴政策加码，L2 主导自动驾驶辅助方案 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------| | | ...

港股医药行业2024年半年报总结 业绩分化加大，期待下半年医保谈判 西南证券研究发展中心 2024年9月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：汤泰萌 执业证书：S1250522120001 电话：021-68416017 邮箱：ttm@swsc.com.cn 核心观点 1 我们选取了149家港股医药上市公司，2024上半年收入总额8933亿元（-0.14%），归母净利润475亿元（-5.37%） ，扣非归母净利润91亿元（+23%）。2024H1实现归母净利润正增长的公司有84家，占比56%，54%（81/149） 的公司实现收入正增长。2024年上半年研发费用同比减少15.2%，研发费用率减少0.59pp。2024年上半年销售费用 同比减少4.33%，销售费用率同比降低约0.39pp。2024年上半年管理费用同比增长4.55%，管理费用率降低约 0.33pp。 关注港股18A医药上市公司创新品种落地，业绩弹性逐步释放。我们选取了50家港股18A医药上市公司，2024上半 年收入总额295亿元(-2.83% ) ...

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 27.07 CNY and a target price not specified for the next six months [1]. Core Views - The company's chairman and key executives plan to increase their shareholding by investing between 7 million and 9 million CNY, reflecting their confidence in the company's long-term development and investment value [2]. - The company has successfully expanded its domestic and international markets, securing significant new orders, including a 1.2 billion USD investment in a high-end oil and gas equipment manufacturing base in Dubai and various contracts in North America and Iraq [2]. - The oil service industry is experiencing upward momentum, with unconventional oil and gas development highlighting the advantages of electric fracturing technology. Global oil demand is expected to continue growing, with upstream capital expenditure projected to increase by 5.7% in 2024 [2]. - The company is expected to benefit from the ongoing increase in unconventional oil and gas extraction efforts in China, with a forecasted compound annual growth rate of 14% in net profit from 2024 to 2026 [2]. Summary by Sections Financial Performance - The company's projected net profit for 2024-2026 is 26.8 billion, 32.2 billion, and 36.3 billion CNY, respectively, with corresponding price-to-earnings ratios of 10, 9, and 8 times [2][3]. - Revenue is expected to grow from 13.91 billion CNY in 2023 to 19.16 billion CNY in 2026, with a compound annual growth rate of 14% [3][8]. Market Expansion - The company has made significant strides in international markets, including major contracts in the Middle East and North America, which are expected to enhance its revenue streams [2]. - The domestic market remains strong, with successful bids for major projects from state-owned enterprises like China National Petroleum Corporation [2]. Industry Outlook - The global oilfield service market is projected to reach 328 billion USD in 2024, reflecting a year-on-year growth of 7.1% [2]. - The report emphasizes the ongoing investment in oil and gas exploration and development in China, which is expected to support the company's growth trajectory [2].

国谈系列专题 2024年国家医保谈判品种前瞻 西南证券研究发展中心 2024年9月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：刘潇 执业证号：S1250524070002 电话：021-68416017 邮箱：lxyf@swsc.com.cn 核 心 观 点 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

液冷专题报告 AI助推液冷行业步入新时代 西南证券研究发展中心 通信研究团队 2024年9月 www.swsc.com.cn 核心要点 1 液冷技术通过使用高比热容的液体作为冷却介质，相比风冷技术在多个方面表现出色。在散热能力上，液冷可以有效降低芯片温度， 减少PUE（电源使用效率）至1.2以下，而风冷的PUE值一般为1.5-1.8。此外，液冷还能够显著降低噪音，并且在高密度计算应用中提 供更高的空间利用率，建设成本和选址限制也更少。随着单机柜功率需求的上升（如达到30kW以上），液冷逐渐成为数据中心的主流 冷却技术。 随着液冷技术的不断成熟和市场需求的增加，市场空间不断扩大。液冷技术应用正在快速推进，电信运营商和互联网厂商积极推动市 场需求。液冷服务器的招标比例持续上升，全球和中国的液冷市场增长迅速，预计到2030年全球市场将达到213亿美元（ Market to Market数据），中国市场到2027年将达到45亿元（国家互联网信息办公室数据）。市场竞争激烈，主要由英维克、Vertiv、华为等公 2 司主导。液冷产业链已经形成从零部件到服务器的完整生态。 芯片功率提升、国家PUE标准趋严、AI服务器市场的 ...

[Table_IndustryInfo] 2024 年 09 月 15 日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（9.9-9.15） 2024 年 9 月第二周创新药周报 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|------------------------------| | | | | | | | | | A 股和港股创新药板块及 XBI 指数本周走势 | 西南证券 ...

[Table_ReportInfo] 2024 年 09 月 13 日 证券研究报告•宏观简评报告 数据点评 政府债支撑社融，票据融资支撑信贷 ——2024 年 8 月社融数据点评 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Group 1: Economic Performance - National industrial added value grew by 5.8% year-on-year from January to August 2024, a decline of 0.1 percentage points compared to the previous month, marking four consecutive months of decline[1] - In August, the industrial added value increased by 4.5% year-on-year, down 1 percentage point from July, influenced by extreme weather and weak downstream demand[2] - Fixed asset investment (excluding rural households) increased by 3.4% year-on-year from January to August, with a 0.2 percentage point decline compared to the previous month[4] Group 2: Sector-Specific Insights - Manufacturing investment grew by 9.1% year-on-year from January to August, slowing down by 0.2 percentage points compared to the previous month[9] - Real estate development investment decreased by 10.2% year-on-year from January to August, with the decline stabilizing compared to the previous month[6] - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 4.4% year-on-year, down 0.5 percentage points from the previous month[5] Group 3: Consumer Trends - Total retail sales of consumer goods reached 312,452 billion yuan, growing by 3.4% year-on-year, with a slight decline of 0.1 percentage points compared to the previous month[12] - In August, retail sales of consumer goods totaled 38,726 billion yuan, reflecting a year-on-year growth of 2.1%, down 0.6 percentage points from July[13] - The retail sales of automobiles saw a year-on-year decline of 7.3%, with the overall consumer sentiment remaining weak[13]

[Table_IndustryInfo] 2024 年 09 月 16 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0909-0915） 安徽发布人形机器人"启江二号"，国产机器人不断迭代 | --- | --- | --- | --- | --- | |----------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...